This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPANIf you think you understand what I am saying you do not understand what I am saying.
More Alan Greenspan Quotes
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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If I’ve made myself clear, I’ve misspoken.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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But rules cannot substitute for character.
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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The free lunch has still to be invented.
ALAN GREENSPAN